The simple interest on a sum of ₹8,000 for 2 years is ₹720. What is rate of interest per annum?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 4.5%.
SI = (P × R × T)/100
⇒ 720 = (8000 × R × 2)/100
⇒ R = 720/160 = 4.5%